NBP: Governor Refuses To Provide Forward Guidance

• Size set earlier E7bln (in line with MNI expectations and same as 2023/24 10-year syndis)
• Spread set earlier at MS+66bps (guidance was +68bps area)
• Books closed in excess of E89bln (ex JLM interest)
• Maturity: 22-June-2035
• HR 103% vs 2.60% Aug-34 Bund
• Settlement: 14-January-2025 (T+5)
• Coupon: Annual ACT/ACT, short first to 22-June-2025
• ISIN: BE0000363722
• Bookrunners: BNPP (DM/B&D) / CACIB / HSBC / JPM / MS
• Timing: Allocations out, hedge deadline 14:50GMT / 15:50CET. Pricing to follow

From market source

SPX: 6,003.3 (+0.5%); DJIA: 42,897 (+0.4%/+190pts); NDX: 21,632.4 (+0.3%).

Shaping up to be another busy day for corporate bond issuance - unlikely to outpace Monday's record $59.55B.

• Date $MM Issuer (Priced *, Launch #)
• 01/07 $5B #ADB 3Y SOFR+31
• 01/07 $1b #Kuwait Finance House (KFH) 5Y SOFR Sukuk +95
• 01/07 $6B European Investment Bank (EIB) 5Y SOFR+42
• 01/07 $500M DBJ WNG 10Y SOFR+73
• 01/07 $500M Boston Gas WNG 10Y +145a
• 01/07 $Benchmark Chile 12Y +137.5a
• 01/07 $Benchmark World Bank 7Y +54
• 01/07 $Benchmark Met Tower 3Y +70a
• 01/07 $Benchmark CIBC 5Y SOFR+75a
• 01/07 $Benchmark Protective Life 7& +105a
• 01/07 $Benchmark Kommunalbanken 5Y +51
• 01/07 $Benchmark Santander 5Y +135a, 10Y +160a
• 01/07 $Benchmark APA Corp 10Y +180a, 30Y +215a
• 01/07 $Benchmark Cncl of Europe Dev Bank 5Y SOFR+45a
• 01/07 $Benchmark GA Global Funding 5Y +120a, 10Y +150a
• 01/07 $Benchmark HPS Corporate Lending 3Y +165a, +7Y +195a
• 01/07 $Benchmark Kexim 3Y +55a, 3Y SOFR, 5Y +75a, 10Y +90a
• 01/07 $Benchmark SMFG 5.25Y +100, 5.25Y SOFR, 7Y +110a, 10Y +120a
• 01/07 $Benchmark Daimler Truck Fin NA 3Y, 3Y SOFR, 5Y +105a, 7Y +115a, 10Y +125a
• Expected Wednesday:
• 01/08 $Benchmark Inter-American Development Bank (IADB) 5Y SOFR+45a